More dismal than ever

At a time when policymakers are clutching for theoretical foundations to pin their dizzying array of actions to, the economics profession is facing a crisis of its own. Not only has the crisis torn apart any pretence of a broad consensus amongst economists on the fundamentals of countercyclical policy, it has also revealed significant defects in the workhorse models of finance and economics. Even more fundamentally the intellectual underpinnings of mainstream models and theories now appear da